Market Update


Insights for the Asian Crypto trading session Wednesday 27/02/19

  • BTC/USD: Bears may not be done yet, $3,800 hourly support critical

  • ETH/USD: Price structure vulnerable, points to further downside

  • XRP/USD: XRP Coinbase Pro listing, price spikes towards $0.34

  • EOS/USD: Forming bearish flag on hourly, further losses likely

  • LTC/USD:  Daily chart remains bullish despite recent pullback

LTC/USD Technical Analysis: Bullish signals remain whilst price remains above 200 Day MA

  • Litecoin price structure remains positive within rising trend channel

  • Daily rising channel support seen towards $36 and resistance at $55

  • Major support seen at 200 day MA seen at $44.40

  • Break of $36 channel support will likely target yearly lows towards $22

LTC/USD Daily chart:

LTC Daily 270219.JPG

Our Forecast:

LTC/USD: The hourly outlook on LTC/USD shows the bears are still in control from the weekend which came after Litecoin initially traded at fresh yearly highs above $53, which was the first time above this level since November 2018, before the price was sent tumbling in line with a  broader overall market sell-off. From the lows around $22 struck in December 2018, Litecoin has more than doubled over the past few months before the sharp decline to current levels around $44.40 at the time of writing. Whilst the short term indicators suggest that the market is oversold, price will need to hold above the 200 day MA at $44.40 or risk further declines towards channel support seen towards $36.00.

Daily Technical Analysis Summary: Buy

Moving Averages: Buy

Oscillators: Buy

 Support 1:              $44.00

Support 2:              $42.50

Resistance 1:          $45.50

Resistance 2:         $46.40

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